Investments |
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| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments The following tables summarize the Company’s investments by major security type (in millions):
Long-term investments were immaterial as of December 31, 2024 and 2025. As of December 31, 2024 and 2025, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses. Unrealized gains and losses, net of tax before reclassifications from AOCI to other expense, net were immaterial in 2023, 2024, and 2025. Realized gains and losses reclassified from AOCI to other expense, net were immaterial in 2023, 2024, and 2025. Debt securities in an unrealized loss position had an estimated fair value of $1.1 billion and $161 million as of December 31, 2024 and 2025, respectively. A total of $269 million and $36 million of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2024 and 2025, respectively. Unrealized losses were immaterial as of December 31, 2024 and 2025. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
Investments Accounted for Under the Equity Method As of both December 31, 2024 and 2025, the carrying values of the Company’s equity method investments were $47 million. In 2023, 2024, and 2025, the Company recorded immaterial losses within other expense, net on the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. There were no impairment charges in 2023 and 2024. The Company recorded an immaterial impairment charge in 2025. Equity Investments Without Readily Determinable Fair Values The Company holds equity investments in privately-held companies where fair values are not readily determinable and in which it lacks a controlling interest or significant influence. These investments had a net carrying value of $38 million and $11 million as of December 31, 2024 and 2025, respectively, and are classified within other assets, noncurrent on the consolidated balance sheets. The Company recorded an impairment charge of $45 million and $30 million in 2024 and 2025, respectively, and did not have any impairment charges or downward adjustments for observable price changes in 2023. The Company recorded immaterial upward adjustments in 2023 and 2025, and did not have any upward adjustments for observable price changes in 2024. As of December 31, 2025, the cumulative impairment and downward adjustments for observable price changes were $108 million.
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